Ethereum vs. Blockchain - what's the difference? (in 60 seconds or less)steemCreated with Sketch.

in #ethereum7 years ago

Ethereum continues to get more press in the mainstream media, but many people are trying to better understand how Ethereum differs from Bitcoin. The simplest way to think about it:

Bitcoin has proven blockchain (distributed ledger) technology for more than 9 years now. But the Bitcoin blockchain only keeps track of 3 pieces of data: 1) from 2) to 3) amount.

Ethereum is able to manage more data elements so can run Smart Contracts, such as: "if [event] happens then pay [person] [amount]." So Ethereum is more robust but considered less decentralized because the inventor of Ethereum, Vitalik Buterin is actively involved whereas the inventor of Bitcoin is unknown and has faded away.

The new paradigm many people have trouble understanding: There is no intermediary "Bitcoin company" to manage trust in transfers of value like the financial institutions we've always needed. Trust comes from the decentralized, transparent and immutable ledger, creating the ability to instantly transfer value to anyone, anywhere on the planet without an intermediary. But better yet: no person, organization or government can stop you from doing it.

That's transformative in the 5,000 year history of money. The genie is out of the bottle, and for those who've experienced it, there is no turning back.

b.jpg

Sort:  

@alchemage has voted on behalf of @minnowpond. If you would like to recieve upvotes from minnowponds team on all your posts, simply FOLLOW @minnowpond.

To receive an upvote send 0.25 SBD to @minnowpond with your posts url as the memo
To receive an reSteem send 0.75 SBD to @minnowpond with your posts url as the memo
To receive an upvote and a reSteem send 1.00SBD to @minnowpond with your posts url as the memo

Coin Marketplace

STEEM 0.21
TRX 0.20
JST 0.034
BTC 91797.35
ETH 3122.69
USDT 1.00
SBD 2.98